The Osun State Governor, Mr. Rauf Aregbesola has presented the draft 2018 budget of N173,980,083,007 to the state House of Assembly.
According to a statement, the governor, who presented the budget tagged, “ Budget of Enduring Legacy,” on Thursday, said during the presentation that the appropriation bill was anchored on the commitment of his administration to provide a conducive living environment for the people of the state.
According to him, the budget is N27,347,336,027 higher than the sum N146,632,746,980.00 which was presented to the Assembly for the 2017 fiscal year.
Summarising the draft 2018 revenue budget, the governor told the House of Assembly that the state would finance the budget from its expected share of Federation Account – N27bn forming 15.56 per cent, and Value Added Tax N8.8bn (5.10 per cent).
Others sources are Excess Crude Account N77.7bn (0.04 per cent),other revenue from FAAC N5,052.6bn(2.90 per cent), personal and corporate taxes are put at N25.1bn (14.45 per cent) and N9.7bn (5.58 per cent) respectively,
Expected from licences is N1.5bn (0.92 per cent), general fees N20.8bn (11.99 per cent), general earnings N3.6bn (2.55 per cent), rent on government buildings and rent on lands and others at N335.7m (0.19 per cent) and N279m (0.16 per cent) respectively.
Other sources are, repayment, investment income, interest earned, reimbursement, domestic aids, foreign aids, domestic grant and foreign grants.
The governor put the total year expected receipts at N151.9bn (87.34 per cent), other sourced fund to finance specific projects are internal source and external are N1.5bn (0.86 per cent) and external source N20.5bn (11.80 per cent), respectively.
He said, “Our ultimate goal for the 2018 budget is to ensure a continuous improvement in the welfare and standard of living of our people. This will be achieved by consolidating the previous achievements of this administration and do everything possible to recover the lost glory of the state.
“Thus, the 2018 budget has been carefully packaged to ensure the effective realisation of our vision as encapsulated in our Six-Point Integral Action Plan.
“It is important to intimate this august Assembly that the preparation of the 2018 budget has been very participatory. Relevant inputs were sourced and received from various stakeholders across the state in order to enhance the quality of the budget.”
